Saw it tonite. Very very pleased. I've read the the Hobbit 2 or 3 times, the Lord of the Rings 3, and even the Silmarillion thrice. Small departures, but most of the move is as I saw it when reading it at 12. Well done Mr. Jackson._________________Asus z97-a
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We are indeed shooting at the higher frame rate. The key thing to understand is that this process requires both shooting and projecting at 48 fps, rather than the usual 24 fps (films have been shot at 24 frames per second since the late 1920′s). So the result looks like normal speed, but the image has hugely enhanced clarity and smoothness. Looking at 24 frames every second may seem ok–and we’ve all seen thousands of films like this over the last 90 years–but there is often quite a lot of blur in each frame, during fast movements, and if the camera is moving around quickly, the image can judder or “strobe.”

It's actually filmed at 48fps in both eyes; total of 96 frames per second.

Also note that when you're watching 3D movies in theaters, it's typically polarized, with both images being shown at the same time, not alternating left and right like you get at home with 3D televisions and monitors. There are two projectors, one which projects with light polarized up and down, the other projects polarized left and right. You have glasses which have a left/right polarizing film in one eye and an up/down polarizing film in the other eye._________________My political bias.